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What To Do When You're Facing Foreclosure

Falling behind on your mortgage payments can feel like an avalanche crashing down on you. As more payments are missed, the amount compounds and people begin to think of that very intimidating word, foreclosure. In Pennsylvania, if you do fail to stay current on your mortgage, the foreclosure process can start as soon as 60 days after you have become delinquent and your lender has sent two notices regarding missed payments. These letters provide options for preventing foreclosure and usually give you two to four months to prevent the foreclosure and pay the outstanding balance.

If you continue to be in arrears, the lender will file a suit to foreclose on the home. A mortgage foreclosure begins when you are served with a mortgage foreclosure complaint. You have a month to respond to the foreclosure action or a default judgment for the entire amount owed on the loan will be entered. Thereafter, the lender will direct the sheriff to conduct a sale of the property. The county sheriff will provide notice of the sale to you.

If you cannot prevent the sale, the property will be sold to the highest bidder and necessary ownership documents will be executed and transferred. Unfortunately, once the sale is complete, you have no right of redemption. As the borrower, you lose your home.

Before you feel buried by this information, there is help available to help you dig out of this situation. At the law firm of Bryan P. Keenan & Associates, P.C., in Pittsburgh, we are here to help prevent foreclosure and find a way to keep your house.

If you have fallen behind on your mortgage payments, do not wait. Contact us right away so we can begin to immediately help you save your home.

We can help spread your payments out over time using a Chapter 13 bankruptcy filing. Not only will this help you consolidate your other debts, it will help you free up the funds to pay your outstanding mortgage debt so you do not have to move forward in the foreclosure process and face a sheriff sale. Filing Chapter 13 bankruptcy also halts the foreclosure process right away, which gives you time to sort out your finances.

We are here to provide personal service to help you stop foreclosure and our skilled bankruptcy and foreclosure prevention attorney will work with you to dig out from the debt you have accumulated.

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